Fully-leased 3-unit building located in Wicker Park / Bucktown offered at a 6.4% Cap Rate. The building was gut rehabbed in 2014 with new mechanicals, electrical (400A), plumbing (all copper supply with new 2" service, new cast iron drains), windows, updated masonry, steel decks, roof newly coated, etc. The retail space is leased to Chicago Plants, an Amazon-resistant business that has boomed during COVID. The retail space has an open layout, high ceilings (12'), wood floors, exposed brick, ADA entry and ADA bathroom, and a partially-finished basement. Retail tenant is in a 5-year NNN lease (exp 11/2025) with 2.5% annual bumps and responsibility for 50% (Tenant's proportionate share) of all taxes, insurance and building expenses. The lease includes one renewal option with a 4% rent bump then 2.5% annual increases. The 2nd and 3rd floors are modern 3BR/2BA apartments with luxury finishes. The property features a landscaped patio, masonry garbage enclosure, security fence, camera system and six tandem parking spaces. Building area includes full, partially-finished, dry basement.
Long on going relationships are the reason I love this job so much. Being able to see someone's face light up as I hand them the keys to their very first house is what gets me up in the morning.
